Arbuthnot introduces AVMs and desktop valuations

The lender is introducing automated valuation models (AVMs), desktop valuations and offering joint legal representation.

AVMs will be offered at up to 50 per cent loan to value (LTV) on houses up to £1m in Greater London and £500,000 outside the capital.

Flats can be considered up to £600,000 in Greater London and £250,000 in the rest of the country.

Where the LTV is over 50 per cent, Arbuthnot said it will use desktop valuations.

The lender said it was also looking to improve the efficiency of transactions for clients by offering joint legal representation where one lawyer can act on behalf of the lender and borrower.

Yasin Patel, joint managing director, said: “Introducing AVM and desktop valuations demonstrates how we’re investing in the right technology to deliver for our clients.

“It also allows us to prioritise the safety of our colleagues, brokers and clients as we start to consider how we’ll operate in a world of social distancing.”

Patel added: “Dealing with property finance facility agreements is a specialist legal discipline.

“Joint representation makes the negotiation, documentation and drawdown process simpler and can save the client both time and money.”